Regulatory Alerts2022-12-14
Added · Updated
MAS Notice 632A Residential Property Loans – Fact Sheet
Banks in Singapore must provide borrowers with a Fact Sheet detailing key features of credit facilities for residential property purchases or refinancing when discussions are initiated by either party or when key features change. The notice mandates that banks ensure the Fact Sheet's key features are consistent with the Letter of Offer and requires specific acknowledgement procedures, including borrower signatures or digital confirmations, before accepting an offer. For joint borrowers, one borrower may provide acknowledgements on behalf of the other if authorized in writing and verified by the bank. Banks must retain the Fact Sheet and related acknowledgements for at least five years after the credit facility is redeemed, refinanced, or restructured.